From 1st July 2022 Fringe Benefits Tax (FBT) is not payable to the ATO on the private usage of zero or low emissions vehicles.
Ok great, but what does that mean.
Normally any personal usage of a company or work car will be subject to extra (FBT) tax to make sure tax is being paid on all benefits an employee receives that aren’t salary/wages.
As with everything, lots of fine print.
We’ve applied the magnifying glass for you.
Authorise staff super NOW!
The funds need to arrive and be receipted into employee accounts on or before 28th April to ensure compliance.
Non compliance means the expense is no longer a tax deduction for your business, and you as a director of the firm, become personally liable.
The Easter long weekend is coming up, what does it mean for you and your team?
Chocolate!
And unusual payroll.
Staff super contributions for wages paid between January and March are due soon.
You’ll need to approve xero super for payment by 20th April to make sure it can fly through cyber space and land in your employees accounts on or before 28th April.
Harsh penalties apply to late payments.
Awards are not changing, however gross wages need to be broken down into the individual components. You need to display all allowances separately from the hourly rate you pay your team. (make sure you’re actually meeting minimum payrates!)
All the things you wanted to know, but too afraid to ask!
Don’t wait for Fair Work to come knocking. Get on the front foot to ensure you are compliant.
Xero is now ready for you to transition to the new more rigorous reporting requirements. This will not change how much or how often you pay your employees – awards etc are not changing.
Check you’ve got all the info you need before you start pressing buttons
Just realised this a big job?
You can request an deferral to buy a little extra time. (or perhaps like us, you can’t cope with a financial year that chops and changes part way through).
Get your payroll expert to review where you are at, if you’re overwhelmed already.
Small businesses (less than 15 employees) have been given a 6 month extension to 1st August 2023.
Medium and large businesses (15 or more employees) make the change from unpaid to paid leave on 1st February 2023.
Don’t have time for long drawn out explanations? Here is the skinny:
October-December 2022 super contributions must be received (by fund) by 28th January.
Severe penalties will apply for late payments.
As you process leave requests and prepare Christmas holiday wage payments, make sure you’ve got the public holidays sorted.
You need to pay normal hours for all full and part time staff for public holidays that fall on their normal working days. Public holidays are paid as normal before leave is processed. If employees are taking unpaid leave, public holidays will also be unpaid.
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